GONGNIU(SH:603195) Xin Lang Cai Jing·2025-10-20 01:35Core Viewpoint - Bull Electric, known for its power strips, is facing significant challenges in its business performance, particularly in its new energy sector, which has not been able to offset declines in its core business areas [1][10]. Business Performance - Bull Electric's recent half-year report shows a revenue decline of 2.60% year-on-year, with net profit dropping by 8%, marking the first negative growth in mid-year performance in five years [1][10]. - The company's core business segments, including electrical connections and smart electrical lighting, have also reported revenue declines of 5.37% and 2.78% respectively [8]. New Energy Sector - Despite a 33.52% year-on-year revenue increase in the new energy sector, contributing 3.86 billion yuan, the overall impact remains limited due to the small revenue base [8]. - Users have reported quality issues with Bull Electric's new energy products, including charging anomalies and poor after-sales service, leading to dissatisfaction [2][4]. Management Actions - Vice Chairman Ruan Xueping announced a plan to reduce his holdings by up to 3617.18 million shares, valued at over 1.6 billion yuan, raising concerns about the company's future [9][12]. - This decision has sparked discontent among shareholders, questioning the confidence of management in the company's prospects [12].